The chairwoman of the Credit Union of Texas talks about the benefits of joining.

Dallas, TX, – It’s not uncommon for new employees or incoming students at an educational campus to receive credit union eligibility notices during their orientations. While these slips of paper may seem inconsequently in the rush to start a new chapter in life, there are some important reasons to pay close attention. Taking advantage of eligibility requirements has its advantages.

“Joining a credit union is not like opening an account at a traditional bank,” explains the chairwoman of the Credit Union of Texas. “While the process might seem similar on the surface, credit union members will soon discover the many benefits that are designed to help them reach their financial goals.”

When an account is opened at a banking institution, depositors become “customers.” When an account is established at a credit union, the depositor becomes a member. The difference is an important one.

“Credit unions are member-owned cooperatives,” says the Credit Union of Texas’ chairwoman. “That means even a deposit as small as $15 or $20 makes a member a part owner of the cooperative, entitling them to all the privileges that go along with it.”

Credit union eligibility requirements will vary based upon the specific cooperative a depositor is considering. In many cases, credit unions are designed to serve members who work at particular organizations, attend certain schools or are affiliated with particular associations. Some credit unions are established to serve specific communities.

“While eligibility requirements may vary, credit unions tend to share several important traits in common when it comes to serving members,” says the chairwoman of the Credit Union of Texas. “Since these cooperatives exist to benefit members, a higher level of service, access to lower rates on loans, higher rates on investment products and even lower fees are all likely. Those reasons and more make it an excellent idea to pay attention to eligibility documents that might be included in an orientation package. Membership does have its benefits.”

About Credit Union of Texas
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